17:45A-1. Mutual benefit association defined
86 words·~1 min read·
/nj/title-17/chapter-45a/17-45a-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used herein, "mutual benefit association" means a mutual benefit association heretofore or hereafter organized under any law of this State which
(a)has transacted business in this State for not less than 10 years;
(b)is subject to the provisions of chapter 45 of Title 17 of the Revised Statutes as amended and supplemented; and
(c)possesses a subsisting certificate of authority to transact business as a mutual benefit association issued by the Commissioner of Banking and Insurance.
L.1955, c. 230, p. 889, s. 1.